New Zealand Sees Greatest Jump in Wealth in World
New Zealand experienced the greatest increase in adult wealth in the world in 2021, according to a new report by investment bank, Credit Suisse. Brady Knox, writing for the Washington Examiner, says the bank found that between 2020 and 2021, the average wealth per adult jumped a whopping $114,289, or 32 per cent, bringing the average wealth per adult to $472,153.
The report also found that out of a population of just 5 million, 42 per cent of New Zealanders are in the top 10 per cent of global wealth holders. The United States came in second for growth in average wealth per adult, at $73,630, followed by Australia ($66,354) and Canada ($55,662), Knox reports.
However, the growth in wealth in New Zealand is somewhat skewed with wealth inequality on the rise. Most of the growth was due to housing and global markets. New Zealand economist Shamubeel Eaqub, speaking with the Guardian, described the growth as the “rise of the landed gentry, with wealth and housing opportunities becoming more hereditary.”
Original article by Brady Knox, Washington Examiner, September 21, 2022.
Photo by Mike Swigunski.